ON THE UPTREND: Malaysian Biotechnology Corp says in five short years, the biotechnology industry has raked in RM13.5 billion in revenue. u See also B2 for more story
KUALA LUMPUR: The biotechnology industry has managed to attract RM5.4 billion worth of investments and provide 54,776 jobs in the first phase of the National Biotechnology Policy (NBP), since its inception in 2005.
In a statement yesterday, Malaysian Biotechnology Corp (BiotechCorp) said in five short years, the industry had raked in RM13.5 billion in revenue. Its chief executive officer Datuk Iskandar Mizal Mahmood said with the 2.2 per cent contribution towards the gross domestic product, this industry had the potential to spur the country’s economic development towards a high-income economy in the context of the New Economic Model.
“Considering the industry’s early stages of evolution, the ratio of private vis-a-vis public investments remains extremely favourable despite the gap of RM600 million between the actual and targeted investment of RM6 billion during Phase 1,” he said. Private investments recorded a surplus of RM200 million over the RM2 billion target for Phase 1. — Bernama